SOUTH BRITISH INSURANCE.

Auckland Star, Volume L, Issue 253, 24 October 1919, Page 9

SOUTH BRITISH INSURANCE.

I •p ISE ANITOAX MEETING. " DIVIDEND 6/6 PER SHAKE. BIG FIGURES. The shareholders of the South British Insurance Company met yesterday in the head office of the company in Queen Street to receive the annual report of the directors and statement. of accounts. Mr. W. R. Wilson, acting- i chairman of directors, presided, and a , large number of shareholders were present either in person or by proxy. The report and balance-sheet, as already published in the -'Star," -was laid on the table, and in moving its adoption the chairman aptly sum- j jnarised the year's operations of the , company. | ilr. Thomas Peacock seconded the chairman's motion, -which was carried ■with unanimity. ! The two directors retiring by rote, j Messrs. W. R- Wilson and George Elliot, were unanimously re-elected. Mr. J- A. Duncan, one of the auditors, was "reappointed for the ensuing year, and =everal sentlemen were suggested j vice Mr. G. S. Kissling, the other: auditor, -who has retired. A poll was : called for and taken, Mr. N. Duthie; bein" selected for the position. After a fair°amount of discussion the meeting decided to increase the fee payable to each auditor from £75 to £ 100. 1 The meeting closed with felicitations to the general manager, Mr. P. H. Upton, on hi 3 safe return, to the chairman the directors and the staff. Moving the adoption of the report and balance-sheet the chairman made mention of the loss -which -the company had fiuetained 'by the deaths of Dr. W. C. W. McDowell and Mr. John Batger. The former served upon the board for sixteen years, and the latter for thirty. Both these gentlemen took a deep intercet in the affairs of the company, and by their personal qualities won the esteem of their colleagues- Mr. V. J. Lamer was chosen to fill the the directorate formerly held by* The late Dr. McDowell. In the underwriting account the premium income amounted to £645,953, ' being £11,035 less than tie figures of last year. Taking into consideration the abnormal conditions obtaining during the period through which -we have juet passed that result would be regarded as entirely satisfactory. Increasingly keen competition must be looked for in -the future, as during the -war period many new companies, attracted by the larger increase in marine risks and a corresponding , advance in values, had entered the field, and would vie for business with theolder institutions. On the debit side of the account the losses amount to £325,737. being £728 less than last year; agents' commissions, general expenses, and bonus to etaff come to £inO,9G-=i, being £5.(>56 in excess of the 1913 figures. Government licenses, rates, and taxes remain approximately the sa:nc. After making adequate provision for the re-insurance of current risks there remains a surplus of £84,125 at the crpdit of the underwriting: account. The profit and loss account balance broue-Trfe forward from 191S was £52.601. The interest from investments and rente totals £59.422. an increase of £7,494 on Jar=t year's figures. On the dc-bit side the dividends naid in October, in] 8. and April 1919. absorbed £.-5n.0.0n ; the Pinfcine funds and contributions to Provident anl Scperanuation Funds required £5,414. and the substantia! sum of £5Q.0n0 ha.* been carried to the Reserve Fund. Fifteen thousand pounds had been transferred to the investment fluctuation account, and the company's office prenii-Sis had been ratten down by a like amount. j la the "balance sheet the company's properties stand at £105,373: loans on mortgage were £114.103, and showed a decrease of £41330, whilst axed deposits tnd deposits at call had advanced by .■ 3 ? i T " e item, Imperial and Dofcinion War Loans, had increased by £154.444, and the substantial amount of £720,971 had ben so invested. On the liabilities sife the reserve fund, wit-b! the addition of £50,000 from profiW •tood at £350,000, and the reserve for unexpired risks was £330,000. The inrestment fluctuation fund had been in- 1 creased to £42,700, whilst the con-< tingency fund remained at £20,000. ! DrvTDEXD. The board recommended the payment l ef a dividend of 3/3 per chare for the toil-year, which with the interim d:vi-i dend distributed in April last will make , 5/9 per share for the year. Following enr usual procedure in the payment of dividends the board intend to follow on ; next April with an interim distribution oi 3/3 per share, which with a like amount next October will make C/G per share for the current year. The advisability of sub-dividing the company's shares was receiving the consideration of the board. STAFF. The -work of the staff during the past four and a-ha!f years of -war stress had been most praiseworthy, and to signalise their arduous but cheerful service the directors had allotted a special war service bonus of 20 per cent on salaries, to be shared in by every officer in the service. Of the 151 members of the staff ■who went to the war, all but a fewhave now returned to the company's service. Eighteen brave fellows laid down their lives in the cause of liberty. During the year the general manager tad visited Great Britain, Canada, and the United States in the company's interests, he only having arrived home again yesterday. During the year death had taken two efficient officers in the persons of Mr. James Henry, late manager of the Singapore branch, and Mr. De Mole, late Brisbane manager. The operations of the Guardian Trust and Executors Company continued to make extremely satisfactory progress. The number and size of the new estates coming in has necessitated continual additions to the staff, and a steadily growing business was expected. The most careful supervision was given by the directors to the investment of trust moneys, and many expressions of satisfaction had come irom clients.